The US Dollar trades relatively flat despite USD/JPY near 160.00. All eyes will be on US Q1 GDP and PCE data for May as focal points this week. The US Dollar index pivots around June’s high. The US Dollar is going sideways to a touch lower in the European trading session on Monday, with markets seeing headlines on the political difficulties around Europe fading into the background. This means some fading in the safe-haven flows into the Greenback.
Further up, the biggest challenge remains at 106.51, the year-to-date high from April 16. On the downside, the 105.52 level is the first support ahead of the trifecta of Simple Moving Averages . First is the 55-day SMA at 105.20, safeguarding the 105.00 round figure. A touch lower, near 104.64 and 104.48, both the 100-day and the 200-day SMA form a double layer of protection to support any declines. Should this area be broken, look for 104.00 to salvage the situation.
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